Good News for Home Buyers

Congress has expanded the tax credit to homeowners who want to move into a new principal residence and extended the current credit till April 30, 2010. It doesn't apply to investment properties or second homes.

For the first time home buyer the credit continues to be $8000. the bill authorizing the credit was to expire at the end of November so this is really good news for buyers who hadn't taken advantage of the credit. The other neat thing about the credit is that it is possible to amend your 2008 tax return and receive the credit right away.

Now it pays to move for a current homeowner too. For the existing homeowner there is a $6500 credit, the buyer must have lived in the home 5 consecutive years out of the last eight. They don't have to sell the first property, but the new home must be a principal residence. The new home does not need to cost more than the old home.

There are income limits and the upgrade home can't cost more than $800,000. The National Association of Realtors put together a chart showing the changes and a Frequently Asked Questions page.

Blue Valley Acres and Heeney Real Estate Market Update

If you are willing to drive north of Silverthorne about 30 miles to Blue Valley Acres (which is just into Grand County) or 24 miles north to Heeney on the Green Mountain Reservoir you can get a lot more for your money.

Right now there are nine homes for sale in Blue Valley Acres. The lowest price is a three bedroom home for $219,000 and the highest $399,999. In the last year five homes have sold per the Summit County MLS. The most expensive sold for $450,000. That was a three bedroom two bath home with 1617 sq ft perched above the Blue River.

Vacant lots in Blue Valley Acres are a comparative bargain too. There are twelve lots on the market. The prices range from $49,000 to $200,000. In the last year two lots sold per the Summit County mls, the highest price being $65,000. You can find out more about Blue Valley Acres on my web site.

In the Heeney/Green Mountain Reservoir area (24 miles north of Silverthorne) there are seven properties for sale, from a small one bedroom cabin on two lots for $169,000 to a 5 bedroom home just steps from the lake for $550,000. I have a couple neat cabins for $275,000 and $395,000. Here’s a link to that property info. There are three building sites for sale, prices start at $99,500. After years of virtually nothing for sale now it the most I’ve ever seen at one time.